Forex Daily Outlook – December 22 2010

Crude Oil Inventories & MPC Meeting Minutes are only some of the highlights on today’s outlook .Let’s see what awaits us today.

In the US, Existing Home Sales, residential buildings that were sold during the previous month, excluding new construction; is about to rise by 0.29M. sale of a home triggers a wide-reaching ripple effect.

Later in the US, Final Gross Domestic Product (GDP), goods and services produced by the economy; is about to rise by 0.3%. Broadest measure of economic activity and the primary gauge of the economy’s health.

Finally in the US, Crude Oil Inventories, barrels of crude oil held in inventory by commercial firms during the past week; is about to rise by 11M. Most affects the loonie due to Canada’s sizable energy sector and most affects the loonie due to Canada’s sizable energy sector.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Belgium National Bank of Belgium (NBB); Business Climate, Survey of about 6,000 businesses which asks respondents to rate the relative level of current business conditions and expectations for the next 6 months. Indicates improving conditions with 1.2 points.

For more on the Euro, read the  EUR/USD forecast.

In Great Britain, MPC Meeting Minutes is 1 voted to increase rates, 0 = how many voted for a rate reduction, and 8 = how many voted to hold rates. detailed record of the BOE MPC’s most recent meeting, providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates, and offering clues on the outcome of future votes.

More in Great Britain, Current Account, value between imported and exported goods, services, income flows, and unilateral transfers during the previous quarter is about to droop down by 0.7B.

Finally in Britain, Final Gross Domestic Product (GDP) all goods and services produced by the economy is about to be 0.8% similar to the previous month. Broadest measure of economic activity and the primary gauge of the economy’s health.

Read more about the Pound in the  GBP/USD forecast.

In Australia, Melbourne Institute (MI), combined reading of 9 economic indicators related to consumer confidence, housing, stock market prices, money supply, and interest rate spreads.

For more on the Aussie, read the  AUD/USD forecast.

In New Zealand, Gross Domestic Product (GDP is about to droop down by 0.1%. the inflation-adjusted value of all goods and services produced by the economy.

In Japan, Trade Balance, value between imported and exported goods during the reported month is about to 0.5T. Export demand and currency demand are directly linked.

More in Japan, BOJ Monthly Report, the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.

That’s it for today. Happy forex trading!